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Austrian firm begins work on mall in Bulgarian capital

Date: 30.09.2007

Austrian firm Real 4 You began work on its Mega Mall in the Lyulin neighbourhood of Bulgarian capital Sofia on Wednesday, looking to open the shopping centre in November 2009.

The EUR 55 M investment is carried out by its fully-owned Bulgarian subsidiary Magnum Bulgaria Gamma.

The total built area of the mall will be 70 000 square metres, including 24 000 square metres for rent, and will include 100 shops, cafes and restaurants.

The 800-cars parking lot will have one underground level and three above ground, including one on the roof of the mall.

Lyulin is one of Sofia's biggest residential districts, with an estimated 400,000 residents and has been one of the top targets for retailer chains in the city, partially due to the underground line that links it to downtown Sofia.

There are currently three malls in the city, with four more in different stages of construction or planning.

Real 4 You, an Austrian firm founded in 1995 for investment in commercial real estate in Eastern Europe, plans an aggressive acquisition campaign in Bulgaria and is already in talks for the acquisition of several land plots in Sofia and other cities.

Although its main object of activity are commercial properties, it could also build an office building in Sofia, company officials said.

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